金宏气体：部分产品价格触底 着力改善电子特种气体和电子大宗载气经营

Core Viewpoint - Jin Hong Gas (688106) is facing challenges in the market, with some product prices at the bottom of the cycle, but plans to improve operations in electronic specialty gases and bulk gases in the future [1] Financial Performance - In 2024, Jin Hong Gas achieved operating revenue of 2.525 billion yuan, a year-on-year increase of 4.03%, while net profit attributable to shareholders was 201 million yuan, a decrease of 36.12% [1] - In the first quarter of this year, the company's net profit attributable to shareholders was 44.0032 million yuan, a year-on-year decline of approximately 40% [1] Market Challenges - The decline in first-quarter performance is attributed to intensified market competition, leading to a decrease in product prices and overall gross margin [1] - The company is increasing capital expenditures and R&D investments, while asset disposal gains have decreased compared to the same period last year [1] Strategic Focus - In the integrated circuit sector, the company is actively collaborating with downstream customers for new product development and accelerating the introduction and sales of new products [2] - In the photovoltaic and new energy sectors, the company is adjusting sales strategies to focus on high-potential customers, improving product quality and response speed [2] - The company plans to stabilize existing projects in bulk gases and accelerate the progress of ongoing projects to ensure timely production and supply [2] Product Performance - Revenue from on-site gas production and rental income increased by nearly 40% year-on-year, with a gross margin increase of 2.32 percentage points; however, specialty gas revenue decreased by nearly 12%, with a gross margin reduction of 12.67 percentage points [2] Business Development - The company aims to enhance the proportion of on-site gas production in overall revenue to ensure stable cash flow [3] - In specialty gases, the company will increase the market penetration of advantageous products in the semiconductor sector and accelerate the industrialization of new products [3] - The company expects stable growth in the semiconductor industry to drive demand for electronic specialty gases [3] International Expansion - Jin Hong Gas is increasing its overseas market presence, having exported products to over 50 countries [4] - The company signed a contract for an on-site gas project in Thailand in December 2024, marking a shift from "product export" to "business model expansion" [4] - In February 2025, the company acquired Singapore's CHEM-GAS to further accelerate its expansion in Southeast Asia [4]